there's a vol differential between october and november, worth taking advantage of, and i think if obama gets re-elected -- and i know there was a lot of excitement with romney this week -- >> right. >> -- i think he still gets elected, and i think some air comes out of these stocks. >> and i want you to explain vol differential to all the audience. but in the meantime we're going to explain the put calendar, which is the trade that you're putting on tonight, dan. we've done calendars before, of course, but it's always good to refresh, so let's crack open the playbook and see how this thing works. in this strategy you sell in your data put and use that money to buy a longer data put of the same strike. this is a bearish strategy. it does require timing though. you want the stock to be above the strike of the put you're short by the first expiration but below the strike of the longer data put that you were long by the second expiration. so, dan, walk us through the trade. >> sure. so i did this today, and here's the thing. i'm going to do this trade in earnest next week, wednesday or thur